林永青 简译自IBS相关文章......
［题记］1、本周起，计划编译一些众融、云金融的相关文章。既为大家分享，也为自己日后的学习，留下参考资料。时间关系，倾向简译。2、crowdfunding，最初都译为“众筹”。本人强烈坚持译为“众融”更适当。原因比较娱乐化："众筹"谐音“公众发愁”；“众融”（zhong rong）却与“纵容”(zong rong)近音，透着一股随心所欲的自由、和鼓励。3、可点击文章的关键字标签，阅读相关内容。
Crowdfunding has seen its fair share of buzz in 2013, especially after regulators released rules for securities-based crowdfunding and eased advertising bans in the fall of 2013, and after fraud concerns plagued major sites like Kickstarter. 欺诈担心困扰主流网站如Kickstarter.
Here are some forecasts from crowdfunding experts for 2014. Raising money by selling securities to ordinary investors, in slices of $2,000 or $10,000, is expected to become legal by roughly mid-2014.
有众融专家预测说，融资方式正从销售证券转向普通投资者，每份2千元或1万元， 有望在2014年中期合法化。
1. A Potential Crowdfunding IPO 潜在的众融IPO
An initial public offering of a popular crowdfunding platform, on which ordinary folk raise money online from other small investors, could be in the works, according to Pepper Hamilton LLP securities attorney Brian Korn.
“一个公共众融平台的IPO案子，可能将提到我们的工作议程上来”，Pepper Hamiltion 律师事务所的证券律师Brian Kron这样说。
That could happen for a traditional crowdfunding site, like Indiegogo or Kickstarter. Or peer-to-peer lending, also known as "debt crowdfunding," could be part of the first public launch of a crowdfunding facilitator, Korn told IBTimes.
“这可能发生在‘传统的’众融网站，如Indiegogo或Kickstarter当中。或者是P2P的借款（债权众融）业务，将成为首个上市的众融服务商的部分业务”。律师Korn这样告诉IBTimes记者。
A peer-to-peer lending company launch could happen as more states permit such lending, which has been criticized as lightly regulated and risky to lenders who know little about defaults. New Jersey, Texas, Massachusetts and Ohio are among states which forbid peer-to-peer crowdfunding.
“Peer-to-peer lending (a form of debt crowdfunding) will continue its meteoric rise,” wrote Korn in an email to IBTimes. “I expect more portals will emerge offering different segments of the loan market – we should see a commercial and small business peer to peer for the first time.”
Sites like Indiegogo and Kickstarter, which are primarily donation-based, could start to accept equity-based crowdfunding, in an attempt to cash in their well-known brands, according to Korn.
Indiegogo 和 Kickstarter这样的“传统”捐赠型众融网站，开始接受股权众融。
Indiegogo previously told IBTimes in July it was exploring the equity-crowdfunding option for its own site. Kickstarter declined to comment to IBTimes on this topic.
CEO Perry Chen told AllThingsD in 2012 that Kickstarter would never do an IPO.
Perry Chen是Kickstarter的CEO。2012年告诉媒体说，K网没有考虑过IPO.(因为不需要？)
2. A Wave Of Advertising & PR, As Crowdfunding Becomes Professionalized
融资行为的广告和公关潮流将要出现，当众融越来越专业之时
As a crowdfunded company or product launch starts to involve securities, investors, and regulatory scrutiny, it will quickly become professionalized, say experts.
当众融公司开始引入券商、投资人、和监管机构之后，快速形成专业化。
Robert Hoskins, a crowdfunding public relations specialist, told IBTimes that as crowdfunding ventures become more like ordinary companies, they’ll likely retain marketing professionals, as the stakes climb higher.
“Crowdfunding is really just a fancy name for a product launch,” Hoskins told IBTimes. “When equity crowdfunding becomes legal, instead of people looking at a 30-day campaign, it’ll be more like a business launch, the way pre-IPO companies look at it.”
Hoskins usually charges $5,000 to help a 30-day crowdfunding campaign with publicity. He estimated that he’d retained 20 clients in 2013, and said crowdfunding entrepreneurs could no longer rely on social media to spread the word, in a fast-expanding market where companies struggle to stand out.
“You’re going to have to spend some money on advertising and marketing, the way you’re supposed to for a company,” he said. “That’s going to flood the industry.”
Some crowdfunding platforms have already led the way, like California-based Realty Mogul, which bought Bay Area billboard space and mulled sky writing in an effort to promote their platform.
The Securities and Exchange Commission removed a decades-long ban on advertising for private placements of capital earlier in 2013, paving the way for many firms to advertise investments to the general public.
众融的出现，导致SEC对于私募安排的广告行为的监管在放松。
Hoskins also predicts that someone will develop a universal ratings and recommendations system for crowdfunded projects, where people can see who else invested in a project and who "liked" or "disliked" a project, akin to Facebook Inc.’s (NASDAQ:FB) system. He maintains an index of crowdfunding sites, ranked by website traffic and popularity.
Hoskins预测，有人将为众融项目开发出通用的排名和评价系统，人们可以看到其他人对于某个项目的“喜欢”或“不喜欢”。
Other cottage industries accompanying the rise of crowdfunding could include due diligence services on crowdfunded projects, like CrowdCheck.
随着众融的出现，一些周边的服务也将兴趣，比如CrowdCheck这样的尽职调查公司。
Consumer advocates fear crowdfunding could be weighed down by fraud, since unsophisticated investors could pair off with inexperienced or crooked entrepreneurs.Compliance services for businesses fearful of angering the SEC also exist.
用户所担心的众融欺诈，也将成为一大问题。因为没有经验的投资人可能被不诚信的创业者所伤害。相应的监理服务也将出现。
3. Real Estate Crowdfunding Continues Rise 房地产众融兴起
Crowdfunding real estate investments should continue to grow in popularity in 2014, even as established players like Realty Mogul and Prodigy Network compete for market share.
房地产众融在2014年将继续发展，成熟的玩家象REALTY MOGUL和PRODIGY NETWORK也在竞争市场份额。
“Real estate will continue to dominate,” Korn told IBTimes. He cited the tangible aspect of real estate investments – physical properties you can touch – as reducing fraud fears. He added that crowdfunding can “round off” the final parts of a larger real estate deal, backed by private finance or developers.
Prodigy Network CEO Rodrigo Ni?o told IBTimes in an interview that he planned significant advertising buys in late 2013 and early 2014, to publicize his real estate projects, including print and online ad purchases.
Prodigy Network plans a string of deals, mostly in New York, with much money provided by crowdfunding investors. The company expects to announce at least five more New York deals by 2015.
One recent project, an extended stay hotel known as AKA Wall Street, raised $25 million in crowdfunding from 70 foreign investors in six different countries. Another, the $175 million 17 John project, seeks crowdfunding in minimum slices of $100,000.
AKA华尔街通过众融吸纳了2500万美元资金，从6个不同国家的70个投资人；另外，17约翰项目众融了1.75亿美元，每份投资的最小份富是10万美元。
Prodigy Network offers investments only to accredited investors, defined by regulators as those with salaries over $200,000 or net worth over $1 million.
奇迹网络只为合格投资者提供投资服务。合格投资者，根据监管者的定义是年薪20万美元、或净资产超过1百万美元。
The company has crowdfunded $171 million for Colombia’s tallest skyscraper, in Bogota, currently under construction, alongside an airport hub. That’s part of a portfolio of six partly crowdfunded properties, which pooled $265 million from 5200 investors in just over three years.
“Anywhere where I see global demand in large metropolitan areas is of interest to me,” Ni?o told IBTimes, of his expansion plans. Ni?o doesn’t have actual return-on-investment figures in hand, since his properties haven’t yet opened, but projects that returns will exceed 10 percent.
Smaller real estate crowdfunding platforms have also seen significant growth. Launched in June 2013, San Francisco’s RealtyShares raised $700,000 through 1200 registered investors by mid-November.
小型的房地产众融平台，也在显著地成长中。旧金山的RealtyShares启动于2013年6月，到11月中旬，就通过1200名在册的投资人融入了70万美元。
The company has focused on real estate in four states, but plans to expand, potentially to Chicago, New York, Nevada and Seattle, RealtyShares CEO Nav Athwal told IBTimes.
Next year, “we’ll see a lot of consolidation, with platforms buying other platforms,” said Athwal, citing the abundance of players in the crowdfunding space. He added that real estate-specific crowdfunding rules could be a boon, easing strict caps on capital raising for an expensive industry.
2014年我们将看到这个领域的诸多整合、并购。
